Update: I was unfortunately not aware of Shamus Young's severe criticism of Fallout 3 available here to link in the original piece and I regret that. It dovetails rather nicely with what I've written and it's much better executed than my piece. I strongly recommend anyone...

Extra Weapons:
To unlock the extra weapons, you have to go into the Title mode. Exit the ring
and break open the black boxes.

Wearing Items:
Certain weapons can be equipped, such as hats and belts. To equip these, after
you pick them up, press the B button again. These items not only give your wrestler
added appearance during the match, but they also boost your "Fan Popularity"
meter.

The following are some items that can be taken from other characters and equipped:

Christian's Glasses:
Attack Christian during his entrance. Hit him until his glasses fall off.

Crash Holly's Hat:
Attack Crash Holly during his entrance.

D-Von Dudley's Glasses:
Attack D-Von Dudley during his entrance.

Edge's Glasses:
Attack Edge during his entrance.

Fred Durst's Hat:
Challenge Fred Durst in one on one hardcore match and knock it off.

K-Kwik's Mic:
Attack K-Kwik during his entrance.

Kurt Angle's Gold Medals:
Fight Kurt Angle during his entrance.

Spike Dudley's Glasses:
Choose a one-on-one match and attack Spike during his entrance.

Triple H's Water Bottle:
Attack Triple H during his entrance.

Undertaker's Bandanna:
Attack The Undertaker during his entrance.

Undertaker's Glasses:
Attack The Undertaker during his entrance.

X-Pac's Bandanna:
Fight X-Pac during his entrance until he drops it.

Get Secret Ring:
Win 4 belts with The Rock..

Easy Way of Winning A Match:
To win a match in under 3 minutes (sometimes under 2) do this. It doesnt ALWAYS
work, but most of the time it does. This really helps with winning Titles. Use
someone popular, i.e Rock/Austin. Do your running attack (i.e. Clothesline.
DO NOT interfer in their entrance). Do your bottom-leg attack (i.e. figure 4
leg lock). Back off, let your energy come to you. Do your running grapple (i.e.
Running DDT). Pick them up and do a front-grapple. Taunt (you *should* have
your special). Pick them up, and punch them until the screen blurs (groggy)
and do your finisher. If your Rock, do the sharpshooter. 8 times out of 10 they
will tap. IF your Austin, go for the pin. 7 times out of 10 they will be pinned.
They will most likely kick out if they are a popular superstar. In which case
repeat the above steps.

On The Big Screen:
This is not really a cheat but when a wrestler is walking to the ring, press
X and you can see the Titantron video.

Beat Kurt Angle Quickly:
As Kurt Angle enters the arena and stops to raise his hands, press the interference
button(Y), and when the match starts, he will not attack you. Instead, he'll
stand there and let you kick his ass for like 15 seconds. Use Hardcore option
to pin him on ramp.

Full Voltage Meter:
Beat your opponet until he is knocked out. Go to any turnbuckle and press B
you will do a taunt and get lots of voltage for finishers!